Report

Update on the status of the pension reform in France

Report

The protests in France have evolved: while their scale has receded, the intensity and determination of the unions remain intact. We are publishing an update on the legal status of the reform, now under the scrutiny of the Constitutional Council. We analyse the three possible scenarios following this body's ruling: acceptance, full censure, or a possible popular referendum initiative which, if it materialised, would open a nine-month negotiating window between the government and the unions. This technical report also details the Council's current composition, key to anticipating the final impact of this law on the French social fabric and on the stability of Macron's second term.